The world is investing more in clean energy than fossil fuels
As the Trump administration doubles down on fossil fuels, the rest of the world is investing more and more in clean energy.
This year, $2.2 trillion will be invested in clean energy, efficiency, and electrification globally, according to the International Energy Agency — double the $1.1 trillion that will flow toward fossil fuels.
It’s a remarkable change from a decade ago. Back in 2015, fossil fuels still attracted more money than clean energy. In 2016, perhaps galvanized by the Paris Agreement signed the very same year, investors channeled more funding toward clean energy than toward fossil fuels.
Investors haven’t looked back since — and all forms of clean energy have taken off as a result, led by China, the world’s most prominent “electrostate.” Over the last decade, wind and solar have grown from making up just over 4% of global electricity production to accounting for 15% as of last year. Solar in particular has increased eightfold over that time; no energy category will attract more money than photovoltaics this year, per IEA. [Continue reading…]